Dear Shareholders,
 
 The directors have pleasure in presenting the Twenty Fifth Annual
 Report along with the audited accounts of the Company for the year
 ended 31st March, 2012
 
 FINANCIAL RESULTS
 
                                                        (Rs. in lakhs)
 
 Particulars                                Year           Year
                                            ended          ended
                                            31.03.2012     31.03.2011
 
 Total Income                                  58.14            8.80
 
 Total Expenditure                             27.39           17.52
 
 Profit (Loss) Before Taxation                 30.75           (8.72)
 
 Less: Provision for Taxation                  12.71            0.11
 
 Less: Prior Period Adjustment                   Nil            0.78
 
 Less: Tax Adjustments of Earlier Years          Nil            3.34
 
 Profit/(Loss) After Taxation and Prior
 Period Adjustments                            18.04          (12.95)
 
 Surplus brought forward                       (6.61)           6.34
 
 Amount available for appropriation            11.43           (6.61)
 
 Balance carried to Balance Sheet              11.43           (6.61)
 
 RESULTS OF OPERATIONS
 
 During the year under review, the Company recorded a turnover of Rs.
 58.14 Lacs, as compared to Rs.  8.80 Lacs recorded during the previous
 year. The Company recorded a net profit after tax of Rs.18.04 Lacs
 during the year as compared to loss of previous year for Rs. 12.95
 Lacs.
 
 DIVIDEND
 
 In order to further strengthen the Company to expand its business
 activities and to conserve the financial resources, your Directors
 regret for their inability to recommend any dividend for the financial
 year 2011-2012.
 
 SEGMENT PERFORMANCE
 
 At present Company is engaged in the business of film production;
 therefore segment wise reporting as defined in accounting standard
 (AS-17) is not applicable.
 
 During the new financial year 2012-13 Company has started production of
 3 new Hindi feature films titled as Ajab Gazabb Love, Rangrez and
 Himmatwala.
 
 LISTING
 
 As on date all the 50,00,500 Equity Shares of the company are listed on
 the Bombay Stock Exchange Limited. But from May 2002 Company''s shares
 are suspended for trading from Bombay Stock Exchange Limited (BSE) due
 to non compliances of certain clauses of Listing Agreement. However the
 process of revocation of suspension of trading from BSE is going on and
 after the revocation of suspension of trading Company''s shares will
 continue to trade at the BSE.
 
 The listing fees payable to the Bombay Stock Exchange Limited (BSE) for
 the year 2012-2013 have been paid.
 
 DEPOSITORY
 
 For dematerialization of shares, Company has connectivity with both the
 Depositories i.e. National Securities Depository Ltd (NSDL) and Central
 Depository Services (India) Ltd. (CDSL). The Annual Custodial Fees for
 both the depositories for the year 2012-13 has been paid.
 
 CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
 the Corporate Governance Report along with Certificate by the
 Practicing Company Secretary on its Compliances forms a part of this
 Annual Report.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 The Management Discussion and Analysis Report for the year under
 review, as stipulated under Clause 49 of the Listing Agreement with
 Stock Exchanges in India, is presented in a separate section which
 forms part of the Report.
 
 FIXED DEPOSITS
 
 Your company has not accepted any fixed deposits from
 public/shareholders during the year under review and as such, no amount
 of principal or interest was outstanding as of the balance sheet date.
 
 DIRECTORS
 
 Mr. Vivek Bhole retires by rotation in accordance with the provisions
 of Articles of Association of the Company and being eligible, offers
 himself for re-appointment.
 
 AUDITORS
 
 M/s. Khandelwal & Khandelwal Associates, Chartered Accountants
 Statutory Auditors of the Company, hold office until the conclusion of
 the ensuing Annual General Meeting and are eligible for re-appointment.
 
 The Company has received letter from them to the effect that their
 re-appointment, if made would be within the prescribed limits under
 section 224(1B) of the Companies Act, 1956 and that they are not
 disqualified for such re-appointment with in the meaning of section 226
 of the said Act.
 
 AUDITOR''S REPORT
 
 Observations made in the Auditor''s Report are self- explanatory and
 therefore do not call for further comments under Section 217(3) of the
 Companies Act, 1956.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 The Board of Directors of your company state:
 
 i.  That in the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 ii.  That the directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit/loss of the Company for that period.
 
 iii. That the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 safeguarding the assets of the
 company and for preventing and detecting fraud and other
 irregularities.
 
 iv.  That the directors have prepared the annual accounts ongoing
 concern basis.
 
 PARTICULARS OF EMPLOYEES
 
 Pursuant to the provisions of Section 217 (2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975
 nobody of the Company is drawing salary or commission, which exceeds
 the limit set out in the above section.
 
 Therefore nothing has been mentioned in this regard.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 Information required to be given pursuant to Section 217(1) (e) of the
 Companies Act, 1956 read with the Companies (Disclosure of particulars
 in the report of Board of Directors) Rules, 1988 do not apply to the
 Company.
 
 During the year under review, the company did not earn and outgo of any
 foreign currency
 
 APPRECIATION
 
 The Directors wish to place on record their sincere appreciation and
 acknowledge with gratitude the support and co-operation extended by the
 Bankers, Shareholders, customers, employees and look forward to their
 continued support.
 
                         For and on behalf of the Board of Directors
 
                         Vashu Bhagnani          Puja Bhagnani
 
                         Managing Director         Director
 
 Place : Mumbai
 
 Date : 14th August, 2012